Reno De Medici S.p.A. has signed an irrevocable commitment to acquire 100% of the share capital of Fineska B.V., the Dutch holding company of Eska Group. The seller, Andes C.V. is a vehicle controlled by the US investment firm Andlinger & Co.
The Eska Group manufacture solid board made of 100% recycled fibres in its two mills located in The Netherlands – Sappemeer and Hoogezand – with an annual capacity of 290,000 tons. With headquarters in Sappemeer, Eska also has three service centres with cutting and warehouse activities respectively in the Unites States, Italy, and Spain. It also has commercial offices in the UK and Hong Kong.
In the financial year ended December 31, 2020, Eska Group’s turnover totalled €149.7m, EBITDA was €24.6m and Net Profit was €12.7m. The transaction closing is expected to occur no later than 31st July, 2021, subject to completion of the consultation procedures in The Netherlands.
Michele Bianchi, CEO, RDM Group stated, “This transaction is consistent with our growth strategy. It offers us new development opportunities on a broader geographical scale, reinforcing the resilience of our Group performances. Eska’s product line focuses on specialty grades, similar to the portfolio of Ovaro mill. With its integration in the RDM Group, we aim at implementing the same strategic multi-mill approach that has yielded visible benefits in our core WLC business. Additionally, the integration of this new acquisition enables us to consolidate and accelerate the successful go-to-market strategy that Eska has applied to its customer value offering in recent years.”